The forecast looks good for those investing in gold as prices continue to rocket.
Thanks to the falling dollar and plummeting shares following the sale of Bear Stearns to JP Morgan yesterday (March 16th), gold prices have reached record highs this week and the trend looks set to continue, according to many analysts.
Wallace Ng, chief trader for precious metals in Asia-Pacific at Fortis Bank in Hong Kong, told Bloomberg of his optimism for the precious metal.
"All the markets are in a real panic right now. I don't think there's anything to stop gold's rise given the flight to safe haven assets," he said.
Prices rose to $1,009 an ounce on Thursday (March 13th) as the credit crunch generated an increase in panic-buying of commodities.
Some predicted even larger price hikes, including James DiGeorgia, editor of Gold & Energy Advisor, who said he thinks that gold could hit $2,500 if inflation soars, according to Bloomberg.
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